Rate cut heralds 55% jump in mortgage enquiries
The specialist in expat overseas buyer advice said the rate move on 4 August acted as a catalyst, particularly for British expats.
Mike Coady, managing director of deVere Mortgages, said: “Before the Brexit vote many people had been delaying taking action until the referendum result was revealed so they could see how the land lies; and this interest rate cut has now provided extra impetus to act now to secure a home loan.”
The slowdown in house price growth in areas like London, East Anglia, the West Midlands and the North has also been a driver, added Coady.
“Furthermore, property in the UK is still in high demand from overseas buyers, mainly due to the major underlying strengths of British property investments; the plummeting post-Brexit pound which makes buying property in the UK with foreign currency less costly than before; and because some sellers have been being apprehensive since the Leave victory, and as such, are prepared to accept lower offers,” he said.
Coady said he expects the BoE’s post-referendum action to recession-proof the UK will keep activity levels high.